Finance

Data from the Municipal Securities Rulemaking Board indicates that trade volume may stay high after a consistent third quarter.

With munis establishing "directional footing" in the fourth quarter of this year, the technical backdrop is still the market driver for 2024, said Jeff Lipton, a research analyst and market strategist.

Fitch revised upward its outlook for Marin General Hospital and affirmed its revenue bonds at BBB, and general obligation bonds at AA-minus.

Supply is slightly lower this week at nearly $10 billion but not by much, with the pace of supply suggesting $500 billion of issuance for the year could still happen, said Tripp Kaiser, a managing director at Municipal Market Analytics, Inc.

The rating is a new milestone in the state's long road out of legislative dysfunction.

City Comptroller Brad Lander said he's optimistic about the deal, congestion pricing lawsuits and his mayoral campaign.

Muni yields were cut up two to five basis points, depending on the curve, while UST yields rose five to seven basis points, pushing the 10-year UST yields above 4%.

Enright's passion for infrastructure and complicated deals led him to the cutting edge of municipal financing strategies.

Municipal bond mutual funds saw inflows of $1.879 billion in the latest week, marking the 14th consecutive week of inflows and the highest level of 2024, per LSEG data, reiterating the strong investor support for this market.

The biggest theme within the muni market — and what is responsible for its performance — is the amount of cash on the sidelines, with $6-plus trillion in money market funds and close to $2.5 trillion in certificates of deposits, said Julio Bonilla, a fixed-income portfolio manager at Schroders.